OPINION: The Coalition bought the overblown hype, but Labor should reject designating pure gambling activities as financial products.
Treasury is considering submissions on appropriate regulation of CASSPRs , which are the main gateway for individuals and firms to interact with the cryptocurrency sector. This comes after the Morrison government accepted recommendations from a Senate committee inquiry that endorsed the overblown hype about the important future role of “crypto”.
Despite being touted by its promoters as a future form of private money to challenge fiat currency, cryptoA purchaser of bitcoin or any other cryptocurrency is simply paying to gamble. They win if someone else is subsequently willing to pay a higher amount to have their name substituted on the blockchain record.
A further problem arises from an “institution focused” approach to regulation compared to a “functional approach”. The “institution” approach is relatively easy, but runs two main risks.One is that the same functions provided by different institutions will be regulated differently, creating an uneven playing field.
There is no question that the crypto ecospace requires some form of regulation to protect poorly informed and gullible individuals from unwarranted engagement and unsuspecting risk taking.
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